Location: Greene County, NY | Metro: Kingston, NY MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,180 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,640 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,640 | $291,973 | 0.56% | F |
| 3BR | $2,030 | $370,261 | 0.55% | F |
U.S. Census Bureau data (2024)
Shandaken, NY, with a ZIP code of 12480, is a small, predominantly owner-occupied community with a total population of 510 residents. Only 1.7% of the residents are renters, indicating a strong preference for homeownership among the local populace. The median household income stands at $66,491, reflecting a middle-class community where most residents can afford to buy homes rather than rent. The median home value in the area is $341,695, suggesting that homes are moderately priced and accessible to many of the town's residents.
The Federal Market Rent (FMR) for ZIP 12480 in fiscal year 2024 is set at $1700, which represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program. However, market rent data is currently unavailable, making it difficult to compare the FMR to what tenants might pay outside of the voucher program. This lack of market rent data could be due to the low number of rental units in the area, which is consistent with the high rate of homeownership.
Given these conditions, Shandaken, NY, would likely suit a hands-off Section 8 voucher operator more than a hands-on value-add buyer. The scarcity of rental properties means that there is limited opportunity for active management and improvement to increase rents above the FMR. Moreover, the low percentage of renters suggests that demand for rental units may be insufficient to support a more engaged investment strategy. For an investor looking to minimize involvement and still receive stable rental income, Shandaken, NY, offers a viable option, particularly with its established median home values and incomes that indicate financial stability among its residents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.